US corn, soybean forecasts boost biofuels outlook

10 September 2010 23:33  [Source: ICIS news]

HOUSTON (ICIS)--Forecasts for a 13.2bn bushel corn crop and a 3.48bn bushel soybean crop were seen as bullish for ethanol and biodiesel, sources said on Friday.

The US Department of Agriculture (USDA) on Friday said this year’s corn crop would be down 2% from its August forecast. USDA reduced its corn yield projection by 2.5 bushels/acre to 162.5 bushels/acre.

Nonetheless, the department still expected corn production to reach a new high, breaking the previous record of 13.1bn bushels set in 2009.

The soybean harvest was projected at 3.48bn bushels, up 1% from the August estimate.

“The increase in soybean production is a good sign as it indicates there will be ample supplies of vegetable oil available for all uses, including biodiesel,” said National Biodiesel Board spokesman Caleb Little.

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By: Frank Zaworski
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